A US Company Sells to Customers in Canada and Buys from from Suppliers

Essay

A U.S. company sells to customers in Canada and buys from suppliers in Singapore. At December 31, 2019, the company's year-end, the following items are reported on its balance sheet:
Accounts receivable (C$2,500,000)..…………………… $2,125,000
Accounts payable(S$1,400,000)………………………….. 1,061,200
On January 22, 2020, when the spot rate is $0.845/C$, the company collects C$1,000,000 from customers. It collects the remaining C$1,500,000 on February 16, 2020, when the spot rate is $0.856.
On February 23, 2020, when the spot rate is $0.762, the company pays suppliers S$800,000. On March 6, 2020, when the spot rate is $0.768, the company pays suppliers the remaining S$600,000.
Required
Calculate the exchange gain or loss for 2020. Show calculations clearly.